The Bipartisan Policy Center says the US government’s multi-trillion dollar debt is now a clear threat to national security.
The Washington-based think tank highlights in a blog post that the US shelled out nearly $1 trillion just to pay the interest of its ballooning national debt during the 2024 fiscal year (FY), which ran from October 1st, 2023 to September 30th, 2024.
[adinserter block="1"]The organization notes that in FY 2024, net interest spending has overtaken the budget spent on various US national security programs.
“A large and growing national debt poses long-term economic and security risks to the United States. Those risks are becoming more evident. In fiscal year (FY) 2024, the US spent $882 billion on interest payments (to service its borrowing).
In comparison, the total national defense discretionary spending for FY2024 was $874 billion, plus billions more in other important national security areas.”
The Bipartisan Policy Center also warns that the growing US national debt is increasing pressure on lawmakers to strip spending on government programs such as national defense in an effort to reduce large budget deficits.
“If left unchecked, high debt service costs will eventually crowd out other priorities, potentially undermining the ability to protect our nation and support our allies.
Increased debt service costs will crowd out public investments in defense and make it more expensive to borrow to respond effectively to future crises. Heightened dysfunction of the federal budget process only exacerbates this threat, as national security agencies require stability and predictability to ensure military readiness.
The US will need the budgetary capacity to meet emerging national security challenges in a changing world.”
The organization is calling on the US government to right the ship now otherwise the country runs the risk of losing its global military dominance.
“Stabilizing the debt and putting fiscal policy on a more sustainable course is vital for ensuring the country is able to maintain our military edge, engage in effective diplomacy and cooperation with our allies, and respond to future emergencies.”
At time of writing, the US national debt stands at $36.03 trillion.
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